The House Financial Services Committee passed four bills to reduce the red tape burden on job creators at a time when excessive and unnecessary regulations are hurting the nation’s economy. The following four bills were reported favorably by the committee with bipartisan support:
- H.R. 1564, the Audit Integrity and Job Protection Act introduced by Rep. Robert Hurt (R-VA), prohibits the PCAOB from mandating the automatic rotation of a public company’s independent external auditor.
- H.R. 1105, the Small Business Capital Access and Job Preservation Act, also introduced by Rep. Hurt, exempts advisers to certain private equity funds from the new registration requirements imposed by Title IV of the Dodd-Frank Act (Regulation of Advisers to Hedge Funds and Others).
- H.R. 1135, the Burdensome Data Collection Relief Act introduced by Rep. Bill Huizenga (R-MI), repeals Section 953(b) of the Dodd-Frank Act (Executive Compensation Disclosures).
- H.R. 2374, the Retail Investor Protection Act introduced by Rep. Ann Wagner (R-MO), links the Department of Labor’s expected rulemaking to amend the definition of a “fiduciary” under ERISA with the permissive rulemaking authority provided to the SEC in Section 913 of the Dodd-Frank Act (Study and Rulemaking regarding obligations of brokers, dealers and investment advisers).